Apple, Investors Get First Nod for $490M Securities Settlement

A $490 million settlement between Apple Inc. and a class of investors received initial approval from a federal district court, bringing the company a step closer to resolving the sprawling litigation over allegedly misleading statements about sales prospects.

Judge Yvonne Gonzalez Rogers granted preliminarily approval to the third-largest securities class-action recovery in the US District Court for the Northern District of California on Monday. Rogers described the agreement as a “fair, adequate, and reasonable” resolution. The suit relates to allegations that Chief Executive Officer Tim Cook made misleading comments in 2018 about declining demand for iPhones in China, she wrote ...